OK2GO Israeli hi-tech company is expanding its operation to Chile

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Published: 12 September 2016

OK2GO, an Israeli hi-tech company specializing in location-based control and reporting solutions, has recently signed an agreement with KOINOS, a Chile-based company, to distribute its products there. The company’s development center will remain in Israel

The Transaction’s value is estimated at 16 million NIS

OK2GO, an Israeli hi-tech company specializing in location-based control and reporting solutions for mobile phones, landlines and biometric smart watches, is expanding its operation and has recently signed an agreement with KOINOS, a Chile-based company active in the technology and innovation fields, to distribute its products there. The Transaction’s value is estimated at 16 million NIS.

OK2GO Specializes in location-based attendance reporting services operated through a broad range of devices including smartphones, mobile phones and landlines. The company has thousands of clients including defense and security companies, traders, government companies and local authorities. The service is operational throughout the workday and provided in full coordination between employer and employee.

OK2GO’s market research has revealed that Chile has a high demand for the Israeli company’s advanced service: collecting attendance reports from the office and from the field through mobile phones. OK2GO provides an optimal solution for Chile’s need using a cloud-based service able to collect data from any mobile phone, cellular app, vehicle or the Internet. The system can also interface with the client organizations’ salary and ERP systems, thus increasing the collection efficiency of office hours and project work data and speeding up pay-slip preparation.

The service saves businesses an average of 7-15 percent of their wage costs and dozens to thousands of dollars a year, depending on the company’s size. The service will help make work, operation and automation processes more efficient, from checking employee attendance to producing pay-slips. Chile has a population of 17.5 million. Its market size is estimated at 10 million people, 20% of them mobile phone owners – that is about 2 million people. OK2GO has set a goal to reach 5% of the market within three years. This deal is estimated to yield an average of 4 million dollars in the next three years.

Shmuel Madar, CEO of OK2GO, has stated that expanding the services to overseas and using the great store of knowledge accumulated in Israel in various fields may serve many countries around the world. He also mentioned that the company has many more new, innovative developments in the pipeline.

The company already has branches in Brazil and Argentina, and it has recently closed a deal with one of Brazil’s largest accounting and financial consultation firms – a company employing thousands of people.